The FATF concluded it’s session in Paris on Friday 18th of September 2019 and gave a 4 months deadline to Pakistan to fully implement it’s action plan to avoid being blacklisted. The FATF has decided to maintain the statuesque and keep Pakistan’s name in the Grey List until February 2020. The FATF meeting was attended by 206 different countries and jurisdictions and the FATF decided to add Iceland, Mongolia and Zimbabwe to the Grey list and exclude Sri Lanka, Tunisia and Ethiopia from the grey list, as these countries had completed their work on the FATF instructions.
The FATF has warned Pakistan that serious action would be taken against Pakistan if the country does not fully implement the 27 recommendations made by the FATF. The watchdog added that Pakistan fully complied with 5 recommendations and complied to various levels on the rest of the recommendations. The IMF said that if satisfactory action is not taken against the terror financing (TF) and Anti-money laundering (AML) activities until February, Pakistan would have to face strict financial embargos, including extra scrutiny in business dealings with the country.